LEAF Equipment Leasing Income Fund III, L.P. - FORM 10-Q

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EXCEL - IDEA: XBRL DOCUMENT - LEAF Equipment Leasing Income Fund III, L.P.	Financial_Report.xls
EX-31.1 - EXHIBIT 31.1 - LEAF Equipment Leasing Income Fund III, L.P.	ex31_1.htm
EX-32.2 - EXHIBIT 32.2 - LEAF Equipment Leasing Income Fund III, L.P.	ex32_2.htm
EX-31.2 - EXHIBIT 31.2 - LEAF Equipment Leasing Income Fund III, L.P.	ex31_2.htm
EX-32.1 - EXHIBIT 32.1 - LEAF Equipment Leasing Income Fund III, L.P.	ex32_1.htm

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-Q

(Mark One)

x	QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2013

¨	TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from ________ to ________

Commission file number 000-53174

LEAF EQUIPMENT LEASING INCOME FUND III, L.P.

(Exact Name of Registrant as Specified in Its Charter)


Delaware		20-5455968
(State or other jurisdiction of incorporation or organization)		(I.R.S. Employer Identification No.)

110 South Poplar Street, Suite 101, Wilmington Delaware 19801

(Address of principal executive offices) (Zip Code)

(800) 819-5556

(Registrant’s telephone number, including area code)

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. x Yes ¨ No

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate website, if any, every interactive data file required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). x Yes ¨ No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act. (Check one):

Large accelerated filer	¨	Accelerated filer	¨

Non-accelerated filer	¨ (Do not check if a smaller reporting company)	Smaller Reporting Company	x

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). ¨ Yes x No

There is no public market for the Registrant’s securities.

LEAF EQUIPMENT LEASING INCOME FUND III, L.P.

INDEX TO QUARTERLY REPORT

ON FORM 10-Q

PART I	FINANCIAL INFORMATION	PAGE
ITEM 1.	Financial Statements	3
	Consolidated Balance Sheets – March 31, 2013 (Unaudited) and December 31, 2012	3
	Consolidated Statements of Operations – Three Months Ended March 31, 2013 and 2012 (Unaudited)	4
	Consolidated Statement of Changes in Partners’ Deficit – Three Months Ended March 31, 2013 (Unaudited)	5
	Consolidated Statements of Cash Flows – Three Months Ended March 31, 2013 and 2012 (Unaudited)	6
	Notes to Consolidated Financial Statements – March 31, 2013 (Unaudited)	7
ITEM 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	14
ITEM 3.	Quantitative and Qualitative Disclosures about Market Risk	20
ITEM 4.	Controls and Procedures	20

PART II	OTHER INFORMATION
ITEM 6.	Exhibits	21

SIGNATURES		22

Index

PART I. FINANCIAL INFORMATION

Item 1.

Financial Statements

LEAF EQUIPMENT LEASING INCOME FUND III, L.P. AND SUBSIDIARIES

Consolidated Balance Sheets

(In thousands)

	March 31, 2013
	(Unaudited)			December 31, 2012
ASSETS
Cash	$	15		$	42
Restricted cash		5,343			6,406
Investment in leases and loans, net		23,588			31,459
Deferred financing costs, net		232			301
Investment in affiliated leasing partnership		328			328
Other assets		84			75
Total assets	$	29,590		$	38,611

LIABILITIES AND PARTNERS’ DEFICIT
Liabilities:
Debt	$	25,057		$	33,401
Accounts payable and accrued expenses		859			880
Other liabilities		319			334
Due to affiliates		16,867			16,567
Total liabilities		43,102			51,182

Commitments and contingencies (Note 9)

Partners’ Deficit:
General partner		(1,174	)		(1,165	)
Limited partners		(12,338	)		(11,406	)
Total partners’ deficit		(13,512	)		(12,571	)
Total liabilities and partners' deficit	$	29,590		$	38,611

The accompanying notes are an integral part of these consolidated financial statements.

Index

LEAF EQUIPMENT LEASING INCOME FUND III, L.P. AND SUBSIDIARIES

Consolidated Statements of Operations

(In thousands, except unit and per unit data)

(Unaudited)

	Three Months Ended March 31,
	2013			2012
Revenues:
Interest on equipment financings	$	809		$	1,791
Rental income		163			480
Gain/(loss) on sale of equipment and lease dispositions, net		123			(323	)
Other income		157			315
		1,252			2,263

Expenses:
Interest expense		683			1,564
Depreciation on operating leases		66			372
Provision for credit losses		553			541
General and administrative expenses		221			291
Administrative expenses reimbursed to affiliate		74			201
		1,597			2,969
Loss before equity in earnings of affiliate		(345	)		(706	)
Equity in earnings of affiliate		-			1
Net loss	$	(345	)	$	(705	)
Net loss allocated to limited partners	$	(341	)	$	(698	)
Weighted average number of limited partner units outstanding during the period		1,195,631			1,195,631
Net loss per weighted average limited partner unit	$	(0.29	)	$	(0.58	)

The accompanying notes are an integral part of these consolidated financial statements.

Index

LEAF EQUIPMENT LEASING INCOME FUND III, L.P. AND SUBSIDIARIES

Consolidated Statement of Changes in Partners’ Deficit

(In thousands except unit data)

(Unaudited)


	General			Limited Partners
	Partner Amount			Units		Amount			Total Partners' Deficit
Balance, January 1, 2013	$	(1,165	)		1,195,631	$	(11,406	)	$	(12,571	)
Cash distributions paid		(5	)		-		(591	)		(596	)
Net loss		(4	)		-		(341	)		(345	)
Balance, March 31, 2013	$	(1,174	)		1,195,631	$	(12,338	)	$	(13,512	)

The accompanying notes are an integral part of this consolidated financial statement.

Index

LEAF EQUIPMENT LEASING INCOME FUND III, L.P. AND SUBSIDIARIES

Consolidated Statements of Cash Flows

(In thousands)

(Unaudited)

	Three Months Ended March 31,
Cash flows from operating activities:	2013			2012
Net loss	$	(345	)	$	(705	)
Adjustments to reconcile net loss to net cash provided by operating activities:
(Gain)/loss on sale of equipment and lease dispositions, net		(123	)		323
Equity in earnings of affiliate		–			(1	)
Depreciation on operating leases		66			372
Provision for credit losses		553			541
Amortization of deferred charges		68			281
Amortization of discount on debt		232			622
Changes in operating assets and liabilities:
Other assets		(9	)		(112	)
Accounts payable and accrued expenses and other liabilities		(36	)		79
Due to affiliates		300			104
Net cash provided by operating activities		706			1,504

Cash flows from investing activities:
Proceeds from leases and loans		7,501			16,232
Security deposits returned		(125	)		(235	)
Net cash provided by investing activities		7,376			15,997

Cash flows from financing activities:
Repayment of debt		(8,576	)		(19,981	)
Decrease in restricted cash		1,063			3,005
Cash distributions to partners		(596	)		(602	)
Net cash used in financing activities		(8,109	)		(17,578	)

Decrease in cash		(27	)		(77	)
Cash, beginning of period		42			154
Cash, end of period	$	15		$	77

Cash paid for interest	$	394		$	672

The accompanying notes are an integral part of these consolidated financial statements.

Index

LEAF EQUIPMENT LEASING INCOME FUND III, L.P. AND SUBSIDIARIES

Notes To Consolidated Financial Statements

March 31 2013

(Unaudited)

NOTE 1 – ORGANIZATION AND NATURE OF BUSINESS

LEAF Equipment Leasing Income Fund III, L.P. (“LEAF III” or the “Fund”) is a Delaware limited partnership formed on May 16, 2006 by its General Partner, LEAF Asset Management, LLC (the “General Partner”), which manages the Fund. The General Partner is a Delaware limited liability company, and a subsidiary of Resource America, Inc. (“RAI”). RAI is a publicly-traded company (NASDAQ: REXI) that uses industry specific expertise to evaluate, originate, service and manage investment opportunities through its commercial finance, real estate and financial fund management segments. Through its offering termination date of April 24, 2008, the Fund raised $120.0 million by selling 1.2 million of its limited partner units. It commenced operations in March 2007.

The Fund is expected to have a minimum of a nine-year life, consisting of an offering period of up to two years, a five-year reinvestment period and a subsequent liquidation period of two years, during which the Fund’s leases and secured loans will either mature or be sold. In the event the Fund is unable to sell its leases and loans during the liquidation period, the Fund expects to continue to return capital to its partners as those leases and loans mature. All of the Fund’s leases and loans mature by the end of 2018. The Fund expects to enter its liquidation period beginning in April 2013. Contractually, the Fund will terminate on December 31, 2031, unless sooner dissolved or terminated as provided in the Limited Partnership Agreement (“the Partnership Agreement”).

The Fund acquires diversified portfolios of equipment to finance to end users throughout the United States as well as the District of Columbia and Puerto Rico. The Fund also acquires existing portfolios of equipment subject to existing financings from other equipment finance companies, primarily from LEAF Financial Corporation (“LEAF Financial”), an affiliate of its General Partner and a subsidiary of RAI. The primary objective of the Fund is to generate regular cash distributions to its partners from its equipment finance portfolio over the life of the Fund.

In addition to its 1% general partnership interest, the General Partner has also invested $1.3 million for a 1.3% limited partnership interest in the Fund.

NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis of Presentation

The consolidated financial statements include the accounts of the Fund and its wholly owned subsidiaries LEAF III C SPE, LLC, and LEAF Receivables Funding 5, LLC. All intercompany accounts and transactions have been eliminated in consolidation.

The Fund owns approximately a 4% ownership interest in LEAF Funding, LLC (“Funding LLC”). The Fund accounts for its interest in Funding LLC under the equity method of accounting as the Fund’s General Partner exercises significant influence over the entity.

In March of 2009 the Fund also invested $428,000 in LEAF Funds Joint Venture 2, LLC (“LEAF Funds JV2”), representing a 2% ownership interest, which the Fund accounted for under the cost method of accounting. In May 2012 the Fund fully impaired its investment in LEAF Funds JV2 due to continued uncertainty as to future performance. Should the Fund realize a return on its investment in a future period, this would result in a gain to the Fund.

The accompanying unaudited financial statements reflect all adjustments that are, in the opinion of management, of a normal and recurring nature and necessary for a fair statement of the Fund’s financial position as of March 31, 2013, and the results of its operations and cash flows for the periods presented. The results of operations for the three months ended March 31, 2013 are not necessarily indicative of results of the Fund’s operations for the 2013 calendar year. The financial statements have been prepared pursuant to the rules and regulations of the U.S. Securities and Exchange Commission (“SEC”) for interim financial reporting. Accordingly, certain information and note disclosures normally included in annual financial statements prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) have been condensed or omitted pursuant to those rules and regulations. These interim financial statements should be read in conjunction with the Fund’s financial statements and notes thereto presented in the Fund’s Annual Report on Form 10-K for the year ended December 31, 2012, as filed with the SEC on March 28, 2013.

Use of Estimates

Preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Significant estimates include the allowance for credit losses and the estimated unguaranteed residual values of leased equipment, among others. The Fund bases its estimates on historical experience and on various other assumptions that it believes are reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates.

Index

LEAF EQUIPMENT LEASING INCOME FUND III, L.P. AND SUBSIDIARIES

Notes To Consolidated Financial Statements – (Continued)

March 31 2013

(Unaudited)

Significant Accounting Policies

Investments in Leases and Loans

The Fund’s investment in leases and loans consist of direct financing leases, operating leases and loans.

Direct Financing Leases. Certain of the Fund’s lease transactions are accounted for as direct financing leases (as distinguished from operating leases). Such leases transfer substantially all benefits and risks of equipment ownership to the customer. The Fund’s investment in direct financing leases consists of the sum of the total future minimum lease payments receivable plus the estimated unguaranteed residual value of leased equipment, less unearned finance income. Unearned finance income, which is recognized as revenue over the term of the financing by the effective interest method, represents the excess of the total future minimum contracted payments plus the estimated unguaranteed residual value over the cost of the related equipment.

Unguaranteed residual value represents the estimated amount to be received at lease termination from lease extensions or ultimate disposition of the leased equipment. The estimates of residual values are based upon the Fund’s history with regard to the realization of residuals, available industry data and the General Partner’s experience with respect to comparable equipment. The estimated residual values are recorded as a component of investments in leases. Residual values are reviewed periodically to determine if the current estimate of the equipment’s fair market value appears to be below its recorded estimate. If required, residual values are adjusted downward to reflect adjusted estimates of fair market values. Upward adjustments to residual values are not permitted.

Operating Leases. Leases not meeting any of the criteria to be classified as direct financing leases are deemed to be operating leases. Under the accounting for operating leases, the cost of the leased equipment, including acquisition fees associated with lease placements, is recorded as an asset and depreciated on a straight-line basis over the equipment’s estimated useful life, generally up to seven years. Rental income consists primarily of monthly periodic rental payments due under the terms of the leases. The Fund recognizes rental income on a straight line basis.

A review for impairment of operating leases is performed whenever events or changes in circumstances indicate that the carrying amount of the operating leases may not be recoverable. The Fund writes down its rental equipment to its estimated net realizable value when it is probable that its carrying amount exceeds its fair value and the excess can be reasonably estimated; gains are only recognized upon actual sale of the rental equipment.

Loans. For term loans, the investment in loans consists of the sum of the total future minimum loan payments receivable less unearned finance income. Unearned finance income, which is recognized as revenue over the term of the financing by the effective interest method, represents the excess of the total future minimum contracted loan payments over the cost of the related equipment. For all other loans, interest income is recorded at the stated rate on the accrual basis to the extent that such amounts are expected to be collected.

Allowance for Credit Losses. The Fund evaluates the adequacy of the allowance for credit losses (including investments in leases and loans) based upon, among other factors, management’s historical experience on the portfolios it manages, an analysis of contractual delinquencies, economic conditions and trends, and equipment finance portfolio characteristics, adjusted for expected recoveries. In evaluating historic performance, the Fund performs a migration analysis, which estimates the likelihood that an account will progress through delinquency stages to ultimate charge-off. Generally, after an account becomes 180 or more days past due any remaining balance is fully-reserved less an estimated recovery amount. Generally, past due accounts are referred to our internal recovery group consisting of a team of credit specialists and collectors. The group utilizes several resources in an attempt to maximize recoveries on past due accounts including: 1) initiating litigation against the end user customer and any personal guarantor, 2) referring the account to an outside law firm or collection agency and/or 3) repossessing and remarketing the equipment through third parties. The Fund’s policy is to charge off to the allowance those financings which are in default and for which management has determined the probability of collection to be remote.

The Fund discontinues the recognition of revenue for leases and loans for which payments are more than 90 days past due. As of March 31, 2013 and December 31, 2012, the Fund had $515,000 and $1.5 million, respectively, of leases and loans on non-accrual status. Payments received while leases and loans are on non-accrual status are recorded as a reduction of principal. Generally, income recognition resumes when a lease or loan becomes less than 90 days delinquent. Fees from delinquent payments are recognized when received and are included in other income.

Index

LEAF EQUIPMENT LEASING INCOME FUND III, L.P. AND SUBSIDIARIES

Notes To Consolidated Financial Statements – (Continued)

March 31 2013

(Unaudited)

Other Income

Other income includes miscellaneous fees charged by the Fund such as late fee income, among others. The Fund recognizes late fee income as fees are collected. Late fee income was $139,000 and $267,000 for the three months ended March 31, 2013 and 2012, respectively.

NOTE 3 – INVESTMENT IN LEASES AND LOANS

The Fund’s investment in leases and loans, net, consists of the following (in thousands):

	March 31, 2013			December 31, 2012
Direct financing leases (a)	$	11,807		$	16,339
Loans (b)		12,172			15,705
Operating leases		339			455
		24,318			32,499
Allowance for credit losses		(730	)		(1,040	)
	$	23,588		$	31,459

(a)	The Fund’s direct financing leases are for initial lease terms generally ranging from 24 to 96 months.

(b)	The interest rates on loans generally range from 6% to 15%.

Index

LEAF EQUIPMENT LEASING INCOME FUND III, L.P. AND SUBSIDIARIES

Notes To Consolidated Financial Statements – (Continued)

March 31 2013

(Unaudited)

The components of direct financing leases and loans are as follows (in thousands):

	March 31, 2013						December 31, 2012
	Leases			Loans			Leases			Loans
Total future minimum lease payments	$	11,181		$	13,704		$	15,639		$	17,785
Unearned income		(700	)		(1,227	)		(1,017	)		(1,699	)
Residuals, net of unearned residual income		1,487			-			1,927			-
Security deposits		(161	)		(305	)		(210	)		(381	)
	$	11,807		$	12,172		$	16,339		$	15,705

The Fund’s investment in operating leases, net, consists of the following (in thousands):

	March 31, 2013			December 31, 2012
Equipment on operating leases	$	2,459		$	3,147
Accumulated depreciation		(2,120	)		(2,690	)
Security deposits		-			(2	)
	$	339		$	455

NOTE 4 – ALLOWANCE FOR CREDIT LOSSES AND CREDIT QUALITY

The following table is an age analysis of the Fund’s receivables from leases and loans (presented gross of allowance for credit losses of $730,000 and $1.0 million) as of March 31, 2013 and December 31, 2012, respectively (in thousands):

	March 31, 2013					December 31, 2012
Age of receivable	Investment in leases and loans		%			Investment in leases and loans		%
Current	$	20,836		85.7	%	$	27,004		83.1	%
Delinquent:
31 to 91 days past due		2,967		12.2	%		4,023		12.4	%
Greater than 91 days (a)		515		2.1	%		1,472		4.5	%
	$	24,318		100.0	%	$	32,499		100.0	%

(a)	Balances in this age category are collectively evaluated for impairment.

The Fund had $515,000 and $1.5 million of leases and loans on nonaccrual status as of March 31, 2013 and December 31, 2012, respectively. The credit quality of the Fund’s investment in leases and loans as of March 31, 2013 and December 31, 2012 is as follows (in thousands):

	March 31, 2013		December 31, 2012
Performing	$	23,803	$	31,027
Nonperforming		515		1,472
	$	24,318	$	32,499

Index

LEAF EQUIPMENT LEASING INCOME FUND III, L.P. AND SUBSIDIARIES

Notes To Consolidated Financial Statements – (Continued)

March 31 2013

(Unaudited)

The following table summarizes the activity in the allowance for credit losses (in thousands):

	Three Months Ended March 31,
	2013			2012
Allowance for credit losses, beginning of period	$	1,040		$	1,640
Provision for credit losses		553			541
Charge-offs		(1,005	)		(1,443	)
Recoveries		142			462
Allowance for credit losses, end of period (a)	$	730		$	1,200

(a)

End of period balances were collectively evaluated for impairment.

NOTE 5 – DEFERRED FINANCING COSTS

As of March 31, 2013 and December 31, 2012, deferred financing costs include $232,000 and $301,000, respectively, of unamortized deferred financing costs which are being amortized over the estimated life of the related debt. Accumulated amortization as of March 31, 2013 and December 31, 2012 is $1.9 million and $1.8 million, respectively.

NOTE 6 –DEBT

The Fund’s bank debt consists of the following (dollars in thousands):

December 31,

March 31, 2013

2012

Outstanding

Interest rate

Outstanding

Type

Maturity Date

Balance

per annum

Balance

2010-4 Term Securitization

Term

August 2018, January 2019

25,057

1.70% to 5.50%

33,401

2010-4 Term Securitization

The 2010-4 Term Securitization was issued on November 5, 2010 at $201.9 million in six tranches of asset-backed notes - one note matures in August 2018 and five notes mature in January 2019. The notes were issued at an original discount of approximately $7.2 million of which approximately $790,000 remains unamortized as of March 31, 2013. As of March 31, 2013, $24.2 million of leases and loans and $4.9 million of restricted cash were pledged as collateral for this facility. Recourse is limited to the amount of collateral pledged.

The 2010-4 Term Securitization is serviced by an affiliate of our General Partner (the “Servicer”). If the Servicer or our portfolio does not comply with certain requirements, then the noteholders have the right to replace the Servicer. The servicing agreement was amended as of September 28, 2012 to increase the cumulative net loss percentages as the portfolio had exceeded the allowed cumulative net loss amount. In addition, the servicing agreement and the indenture were amended to establish an additional reserve account to be funded by cash flows on leases and loans that will be used by the trustee as additional collateral. The portfolio was in compliance with these agreements as of March 31, 2013.

Index

LEAF EQUIPMENT LEASING INCOME FUND III, L.P. AND SUBSIDIARIES

Notes To Consolidated Financial Statements – (Continued)

March 31 2013

(Unaudited)

Debt Repayments: Excluding $790,000 of remaining unamortized discount on the 2010-04 Term Securitization, estimated annual principal payments on the Fund’s aggregate borrowings over the next three annual periods ended March 31, are as follows (in thousands):

March 31, 2014	$	15,853
March 31, 2015		6,710
March 31, 2016		3,283
	$	25,846

NOTE 7 – FAIR VALUE MEASUREMENT

Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants in the principal or most advantageous market for the asset or liability at the measurement date (exit price). U.S. GAAP establishes a fair value hierarchy which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The fair value hierarchy gives the highest priority to quoted prices (unadjusted) in active markets for identical assets or liabilities (level 1) and the lowest priority to unobservable inputs (level 3). The level in the fair value hierarchy within which the fair value measurement in its entirety falls is determined based on the lowest level input that is significant to the measurement in its entirety.

Level 1 – Quoted prices in active markets for identical assets and liabilities that the reporting entity has the ability to access at the measurement date.

Level 2 – Observable inputs other than quoted prices included within Level 1, such as quoted prices for similar assets or liabilities in active markets or quoted prices for identical assets or liabilities in inactive markets.

Level 3 – Unobservable inputs that reflect the entity’s own assumptions about the assumptions that market participants would use in the pricing of the asset or liability and are consequently not based on market activity, but rather through particular valuation techniques.

There were no assets or liabilities measured at fair value at March 31, 2013 or December 31, 2012.

The Fund is also required to disclose the fair value of financial instruments not measured at fair value for which it is practicable to estimate that value. For cash, restricted cash, receivables, and payables, the carrying amounts approximate fair value because of the short term maturity of these instruments.

The Fund is also required to disclose the methods used to estimate fair value on financial instruments not measured at fair value and the level within the fair value hierarchy that those fair value measurements are categorized. The carrying value and fair value of the Fund’s debt at March 31, 2013 and December 31, 2012 is as follows:

			Fair Value Measurements Using						Liabilities
	Carrying Value		Level 1		Level 2		Level 3		At Fair Value
Debt, at March 31, 2013	$	25,057	$	-	$	23,454	$	-	$	23,454
Debt, at December 31, 2012	$	33,401	$	-	$	31,367	$	-	$	31,367

The fair value of the debt was determined using quoted prices obtained from brokers as of the measurement date.

Index

LEAF EQUIPMENT LEASING INCOME FUND III, L.P. AND SUBSIDIARIES

Notes To Consolidated Financial Statements – (Continued)

March 31 2013

(Unaudited)

NOTE 8 – CERTAIN RELATIONSHIPS AND TRANSACTIONS WITH AFFILIATES

The Fund relies on the General Partner and its affiliates to manage the Fund’s operations and pays the General Partner or its affiliates fees to manage the Fund in accordance with the Partnership Agreement. The following is a summary of fees and costs of services charged by the General Partner or its affiliates (in thousands):

	Three Months Ended March 31,
	2013		2012
Administrative expenses	$	74	$	201

Administrative Expenses. The General Partner and its affiliates are reimbursed by the Fund for administrative services reasonably necessary to operate the Fund which do not exceed the General Partner’s actual cost of those services.

Management Fees. The General Partner has waived all future management fees. Through March 31, 2013, the General Partner has unearned and waived management fees of $5.6 million, of which $200,000 related to the three month period ended March 31, 2013.

Due to Affiliates. Due to affiliates includes amounts due to the General Partner and its affiliates related to acquiring and managing portfolios of equipment from its General Partner, management fees and reimbursed expenses.

Distributions. The General Partner owns a 1.0% general partner interest and a 1.2% limited partner interest in the Fund. The General Partner was paid cash distributions of $5,000 and $8,000 for its general partner and limited partner interests, respectively, for the three months ended March 31, 2013 and $6,000 and $7,000 for its general partner and limited partner interests, respectively, for the three months ended March 31, 2012.

NOTE 9 – COMMITMENTS AND CONTINGENCIES

The Fund is party to various routine legal proceedings arising out of the ordinary course of its business. Management believes that none of these actions, individually or in the aggregate, will have a material adverse effect on the Fund’s financial condition or results of operations.

NOTE 10 – SUBSEQUENT EVENTS

The Fund has evaluated its March 31, 2013 financial statements for subsequent events through the date the financial statements were issued. The Fund is not aware of any subsequent events which would require recognition or disclosure in the financial statements.

Index

ITEM 2 – MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

When used in this Form 10-Q, the words “believes” “anticipates,” “expects” and similar expressions are intended to identify forward-looking statements. Such statements are subject to certain risks and uncertainties more particularly described in Item 1A, under the caption “Risks Inherent in Our Business,” in our annual report on Form 10-K for the year ended December 31, 2012. These risks and uncertainties could cause actual results to differ materially. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. We undertake no obligation to publicly release the results of any revisions to forward-looking statements which we may make to reflect events or circumstances after the date of this Form 10-Q or to reflect the occurrence of unanticipated events.

The following discussion provides an analysis of our operating results, an overview of our liquidity and capital resources and other items related to us. The following discussion and analysis should be read in conjunction with (i) the accompanying interim financial statements and related notes and (ii) our consolidated financial statements, related notes, and management’s discussion and analysis of financial condition and results of operations included in our Annual Report on Form 10-K for the year ended December 31, 2012.

As used herein, the terms “we,” “us,” or “our” refer to LEAF Equipment Leasing Income Fund III, L.P. and its subsidiaries.

Business

We are a Delaware limited partnership formed on May 16, 2006 by our General Partner, LEAF Asset Management, LLC (the “General Partner”), which, along with its affiliates, manages us. The General Partner is a Delaware limited liability company, and subsidiary of Resource America, Inc. (“RAI”). RAI is a publicly-traded company (NASDAQ: REXI) that uses industry specific expertise to evaluate, originate, service and manage investment opportunities through its commercial finance, real estate and financial fund management segments. Through our offering termination date of April 24, 2008 we raised $120.0 million by selling 1.2 million of our limited partner units. We commenced operations in March 2007.

We are expected to have a minimum of a nine-year life, consisting of an offering period of up to two years, a five year reinvestment period and a subsequent liquidation period of two years, during which our leases and secured loans will either mature or be sold. In the event we are unable to sell our leases and loans during the liquidation period, we expect to continue to return capital to our partners as those leases and loans mature. All of our leases and loans mature by the end of 2018. We entered our liquidation period in April 2013 and accordingly, are not permitted to obtain additional leases and loans. We will terminate on December 31, 2031, unless sooner dissolved or terminated as provided in the Partnership Agreement.

We acquire a diversified portfolio of new, used or reconditioned equipment that we lease to third parties. We also acquire portfolios of equipment subject to existing leases from other equipment lessors. Our financings are typically acquired from LEAF Financial Corporation (“LEAF”), an affiliate of our General Partner and also a subsidiary of RAI. In addition, we may make secured loans to end users to finance their purchase of equipment. We attempt to structure our secured loans so that, in an economic sense, there is no difference to us between a secured loan and a full payout equipment lease. We finance business-essential equipment including, but not limited to computers, copiers, office furniture, water filtration systems, machinery used in manufacturing and construction, medical equipment and telecommunications equipment. We focus on the small to mid-size business market, which generally includes businesses with:

500 or fewer employees;

$1.0 billion or less in total assets; or

Or $100 million or less in total annual sales.

To date, limited partners have received total distributions ranging from approximately 24% to 33% of their original amount invested, depending upon when the investment was made. Our General Partner is working to maximize the amount that can be distributed to limited partners in the future. Future cash distributions are not guaranteed and are solely dependent on our performance and are impacted by a number of factors which include lease and loan defaults by our customers, accelerated principal payments on our debt facilities required per our agreements, and prevailing economic conditions. Distributions to our limited partners were made at a rate of 2.0% of their original capital invested for the three month period ended March 31, 2013.

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General Economic Overview

United States of America (“U.S.”) economic activity for the quarter ended March 31, 2013 was strongly influenced first by temporary relief of various tax cuts that were set to expire at the beginning of the calendar year (the “Fiscal Cliff”) that were avoided, but was quickly tempered through uncertainties surrounding automatic federal spending cuts (the “Sequestration”) that took effect and other unresolved fiscal matters including the pending approach of the U.S. debt ceiling. The overall economic activity was uneven with some sectors showing improvement and others showing decline. The quarter ended with more indications of decline or stagnation than when the quarter began. Some specific key economic indicators and reports that were released in the first quarter of 2013 and that show these trends are summarized below.

The Commerce Department reported uneven signs in the housing market. While sales of new single family home sales in March 2013 were up 1.5 percent as compared to February 2013, building permits in March 2013 were down 3.9 percent as compared to February 2013.

In March 2013 the majority of the members of the Federal Reserve’s Open Market Committee judged that the highly accommodative monetary policy (QE3) was likely to be warranted over the next few years to support and spur on the sluggish economy.

The National Association of Realtors reported that in March 2013 existing home sales decreased 0.6 percent as compared to February 2013. At the same time the National Association of Realtors reported some positive indications of housing activity as the length of time homes were on the market declined, and home prices increased. The biggest factor holding back further expansion in existing home sales is lack of supply.

The National Association of Credit Management Index declined in March 2013 as compared to February 2013 and the factors comprising the Index provided no clear signal to cause much confidence in future economic activity.

The National Federation of Independent Business Confidence Index level declined in March 2013 after a several month period of increases. The National Association of Independent Businesses reported that among the small business owners that participate in the survey “virtually no owners think the current period is a good time to expand.”

The Equipment Leasing and Finance Foundation’s Monthly Confidence Index for March 2013 declined to 58.0 from 58.7 in February 2013 reflecting a leveling off of industry participant’s optimism regarding the economic outlook.

As has been the case in recent quarters these indicators point to an economy that is showing signs of a slow sustained improvement in certain sectors, but also held back by significant uncertainty caused by the political climate. With the issue to the debt ceiling pending on the near horizon and growing effects from the Sequestration, the first quarter of 2013 ended with heightened uncertainty and lack of confidence in the business sector. As this affects small businesses, this situation might affect the performance of our portfolio of leases and loans which have been largely extended to the small to medium sized business community.

Finance Receivables and Asset Quality

Information about our portfolio of leases and loans is as follows (dollars in thousands):

	March 31, 2013			December 31, 2012
Investment in leases and loans, net	$	23,588		$	31,459

Number of contracts		7,800			9,100
Number of individual end users (a)		7,200			8,400
Average original equipment cost	$	26.8		$	25.2
Average initial lease term (in months)		63			62
Average remaining lease term (in months)		20			20
States accounting for more than 10% of lease and loan portfolio:
Florida		14	%		14	%
Texas		10	%		10	%

Types of equipment accounting for more than 10% of lease and loan portfolio:
Industrial Equipment		35	%		36	%
Medical Equipment		17	%		17	%
Office Equipment		12	%		13	%

Types of businesses accounting for more than 10% of lease and loan portfolio:
Services		44	%		44	%
Retail Trade		14	%		13	%
Transportation/Communication/Energy		13	%		13	%

(a)	Located in the 50 states as well as the District of Columbia and Puerto Rico. No individual end user or single piece of equipment accounted for more than 7% of our portfolio based on original cost of the equipment.

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Portfolio Performance

The table below provides information about our finance receivables including non-performing assets, which are those assets that are not accruing income due to non-performance or impairment (dollars in thousands):

	As of and for the
	Three Months Ended March 31,
							Change
	2013			2012			$			%
Investment in leases and loans before allowance for credit losses	$	24,318		$	68,334		$	(44,016	)		(64	)%
Less: allowance for credit losses		(730	)		(1,200	)		470			39	%
Investment in leases and loans, net	$	23,588		$	67,134		$	(43,546	)		(65	)%

Weighted average investment in direct financing leases and loans before allowance for credit losses	$	28,040		$	75,556		$	(47,516	)		(63	)%
Non-performing assets	$	515		$	2,002		$	(1,487	)		(74	)%
Charge-offs, net of recoveries	$	863		$	981		$	(118	)		(12	)%
As a percentage of finance receivables:
Allowance for credit losses		3.00	%		1.76	%
Non-performing assets		2.12	%		2.93	%
As a percentage of weighted average finance receivables:
Charge-offs, net of recoveries		3.08	%		1.30	%

Our allowance for credit losses is our estimate of losses inherent in our commercial finance receivables. The allowance is based on factors which include our historical loss experience on equipment finance portfolios we manage, an analysis of contractual delinquencies, current economic conditions and trends and equipment finance portfolio characteristics, adjusted for recoveries. In evaluating historic performance, we perform a migration analysis, which estimates the likelihood that an account progresses through delinquency stages to ultimate charge-off. Our policy is to charge-off to the allowance those financings which are in default and for which management has determined the probability of collection to be remote. Substantially all of our assets are collateral for our debt and, therefore, significantly greater delinquencies than anticipated will have an adverse impact on our cash flow and distributions to our partners.

We focus on financing equipment used by small to mid-sized businesses. The recent economic recession in the U.S. has made it more difficult for some of our customers to make payments on their financings with us on a timely basis, which has adversely affected our operations in the form of higher delinquencies. These higher delinquencies have continued as the U.S. economy recovers as evidenced by an increase in our charge-offs (net of recoveries) as a percentage of our weighted average investment in finance receivables to 3.08% at March 31, 2013 compared to 1.30% at March 31, 2012.

Critical Accounting Policies

The discussion and analysis of our financial condition and results of operations are based upon our consolidated financial statements, which have been prepared in accordance with U.S. GAAP. The preparation of these financial statements requires us to make estimates and judgments that affect the reported amounts of our assets, liabilities, revenues and cost and expenses, and related disclosure of contingent assets and liabilities. On an ongoing basis, we evaluate our estimates, including the allowance for credit losses and the estimated unguaranteed residual values of leased equipment, among others. We base our estimates on historical experience, current economic conditions and on various other assumptions that we believe reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates under different assumptions or conditions.

For a complete discussion of our critical accounting policies and estimates, see our annual report on Form 10-K for fiscal 2012 under “Management’s Discussion and Analysis of Financial Condition and Results of Operations- Critical Accounting Policies and Estimates.” There have been no material changes to these policies through March 31, 2013.

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Results of Operations

As discussed previously, the economic recession has negatively impacted our operating results primarily through increased rates of default on outstanding leases and loans and increased costs of borrowing from our lenders. These factors have resulted in our inability to reinvest earnings in additional leases and loans, leading to a decrease in our portfolio balance and a reduction in cash generated to continue to support distributions to our limited partners. As noted previously, we entered our liquidation period in April 2013 subsequent to which we are prohibited under the partnership from acquiring additional leases and loans. Accordingly, we expect the size of our portfolio to continue to decline.

Three Months Ended March 31, 2013 as compared to the Three Months Ended March 31, 2012 (dollars in thousands):

							Increase (Decrease)
	2013			2012			$			%
Revenues:
Interest on equipment financings	$	809		$	1,791		$	(982	)		(55	)%
Rental income		163			480			(317	)		(66	)%
Gain/(loss) on sale of equipment and lease dispositions, net		123			(323	)		446			138	%
Other income		157			315			(158	)		(50	)%
		1,252			2,263			(1,011	)		(45	)%

Expenses:
Interest expense		683			1,564			(881	)		(56	)%
Depreciation on operating leases		66			372			(306	)		(82	)%
Provision for credit losses		553			541			12			2	%
General and administrative expenses		221			291			(70	)		(24	)%
Administrative expenses reimbursed to affiliate		74			201			(127	)		(63	)%
		1,597			2,969			(1,372	)		(46	)%
Loss before equity in earnings of affiliate		(345	)		(706	)		361
Equity in earnings of affiliate		–			1			(1	)
Net loss	$	(345	)	$	(705	)	$	360
Net loss allocated to limited partners	$	(341	)	$	(698	)	$	357

The decrease in total revenues was primarily attributable to the following:

A decrease in interest on equipment financings and rental income. Our weighted average net investment in financing assets decreased to $28.0 million for the three months ended March 31, 2013 as compared to $75.6 million for the three months ended March 31, 2012, a decrease of $47.6 million or 63%. As noted previously, this decrease was primarily due to the continued runoff of our portfolio of leases and loans, as higher than anticipated defaults resulted in excess cash being used to settle debt obligations and support distributions to our partners, rather than be reinvested in new leases and loans.

Gains on the sale of equipment and lease dispositions increased $446,000 to a gain of $123,000 for the three months ended March 31, 2013 compared to a loss of $323,000 for the three months ended March 31, 2012. Gains and losses on sales of equipment may vary significantly from period to period.

A decrease in other income primarily due to a reduction in late fee income. Late fee income decreased due to the decrease of the equipment financing portfolio.

The decrease in total expenses was primarily the result of the following:

A decrease in interest expense due to a decrease in our average debt outstanding. Average borrowings for the three months ended March 31, 2013 and 2012 were $29.4 million and $78.7 million, respectively. The interest expense reduction was primarily driven by accelerated debt payments required by our debt agreements and due to the reduction in the size of our portfolio of leases and loans.

A decrease in depreciation on operating leases due to a decrease in the size of our operating lease portfolio.

An increase in provision for credit losses. We provide for credit losses when losses are likely to occur based on a migration analysis of past due payments and economic conditions, in addition to various qualitative factors.

A decrease in general and administrative expenses and administrative expenses reimbursed to affiliate due to the decrease in the size of our portfolio.

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The net loss per limited partner unit, after the loss allocated to our General Partner, for the three months ended March 31, 2013 and 2012 was $0.29 and $0.58, respectively, based on a weighted average number of limited partner units outstanding of 1,195,631 for both periods.

Liquidity and Capital Resources

General

Our major source of liquidity is from the collection of lease and loan payments. Our primary cash requirements are for debt service, investment in leases and loans, and distributions to partners, in addition to normal operating expenses. The following table sets forth our sources and uses of cash for the periods indicated (in thousands):

	Three Months Ended March 31,
	2013			2012
Net cash provided by operating activities	$	706		$	1,504
Net cash provided by investing activities		7,376			15,997
Net cash used in financing activities		(8,109	)		(17,578	)
Decrease in cash	$	(27	)	$	(77	)

Cash decreased by $27,000 which was primarily due to debt repayments of $8.6 million and distributions to our partners of $596,000, partially offset by net proceeds from leases and loans of $7.4 million, cash provided by operating activities of $706,000, and a decrease in restricted cash of $1.1 million.

Partners’ distributions paid for the three months ended March 31, 2013 and 2012 were $596,000 and $602,000, respectively. To date, limited partners have received total distributions of approximately 29% of their original amount invested, depending upon when the investment was made. Distributions to limited partners were paid at a rate of 2.0% for the three month periods ended March 31, 2013 and 2012.

Future cash distributions are not guaranteed and are solely dependent on our performance and are impacted by a number of factors which include: lease and loan defaults by our customers; accelerated principle payments of our debt facilities required per our agreements; and prevailing economic conditions. The terms of our current debt facilities are structured to use excess cash to accelerate the repayment of debt. This results in paying less interest expense over time, but also limits available cash to make monthly distributions to the partners. The terms of our current debt facilities coupled with continued higher than expected lease and loan defaults, caused by a slow economic recovery could impact our ability to make monthly cash distributions to our limited partners.

Our General Partner has waived all future asset management fees. Through March 31, 2013, the General Partner has unearned and waived management fees of $5.6 million, of which $200,000 related to the three months ended March 31, 2013.

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Borrowings

2010-4 Term Securitization

The 2010-4 Term Securitization was issued on November 5, 2010 at $201.9 million in six tranches of asset-backed notes - one note matures in August 2018 and five notes mature in January 2019. The notes bear interest at stated, fixed rates ranging from 1.7% to 5.5% and were issued at an original discount of approximately $ 7.2 million of which approximately $790,000 remains unamortized as of March 31, 2013. As of March 31, 2013, $24.2 million of leases and loans and $4.9 million of restricted cash were pledged as collateral on this facility. Recourse is limited to the amount of collateral pledged.

Liquidity Summary

Our primary source of liquidity comes from payments on our lease and loan portfolio. Our liquidity has been and could be further adversely affected by higher than expected equipment lease defaults, which results in a loss of revenues. These losses may adversely affect our ability to make distributions to our partners and, if the level of defaults is sufficiently large, may result in our inability to fully recover our investment in the underlying equipment. As our lease portfolio ages, and if the recovery in the United States economy falters for a substantial period of time, we anticipate the need to increase our allowance for credit losses.

Our primary use of cash is for debt service. Substantially all of our leases and loans are collateral for our debt, however, all of our debt is non-recourse to the partnership which limits our financial exposure. Repayment of our debt is based on the payments we receive from our customers. If a lease or loan becomes delinquent our lender uses the excess collateral from performing leases to repay our loan, even though our customer has not paid us. Therefore, higher than expected lease and loan defaults will reduce our liquidity.

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Legal Proceedings

We are a party to various routine legal proceedings arising out of the ordinary course of our business. Our General Partner believes that none of these actions, individually or in the aggregate, will have a material adverse effect on our financial condition or results of operations.

ITEM 3 – QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

Quantitative and Qualitative Disclosures about Market Risk have been omitted as permitted under rules applicable to smaller reporting companies.

ITEM 4 – CONTROLS AND PROCEDURES

Disclosure Controls

We maintain disclosure controls and procedures that are designed to ensure that information required to be disclosed in our periodic reports under the Securities Exchange Act of 1934, as amended, or the Exchange Act, is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms, and that such information is accumulated and communicated to our management, including our chief executive officer and our chief financial officer, as appropriate, to allow timely decisions regarding required disclosure. In designing and evaluating the disclosure controls and procedures, our management recognized that any controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving the desired control objectives, and our management necessarily was required to apply its judgment in evaluating the cost-benefit relationship of possible controls and procedures.

Under the supervision of our General Partner’s chief executive officer and chief financial officer, we have carried out an evaluation of the effectiveness of our disclosure controls and procedures as of the end of the period covered by this report. Based upon that evaluation, our General Partner’s chief executive officer and chief financial officer concluded that our disclosure controls and procedures are effective at the reasonable assurance level discussed above.

Changes in Internal Control over Financial Reporting

There has been no change in our internal control over financial reporting that occurred during the three months ended March 31, 2013 that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.

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PART II. OTHER INFORMATION

ITEM 6 – EXHIBITS

Exhibit
No.		Description
3.1		Certificate of Limited Partnership (1)
3.2		Amended and Restated Agreement of Limited Partnership of LEAF Equipment Leasing Income Fund III, L.P. (1)
3.3		Amendment No. 2 to Amended and Restated Agreement of Limited Partnership of LEAF Equipment Leasing Income Fund III, L.P. (4)
4.1		Forms of letters sent to limited partners confirming their investment (1)
10.1		Origination and Servicing Agreement among LEAF Equipment Leasing Income Fund III, L.P., LEAF Financial Corporation and LEAF Funding Inc., dated February 12, 2007 (1)
10.2		Receivables Loan and Security Agreement, dated as of November 21, 2008, among LEAF III C SPE, LLC, LEAF Funding, Inc., LEAF Financial Corporation, LEAF Equipment Leasing Income Fund III, L.P., Autobahn Funding Company LLC, DZ BANK AG Deutsche Zentral-Genossenschaftsbank, Frankfurt am Main, U.S. Bank, National Association, and Lyon Financial Services, Inc. (d/b/a U.S. Bank Portfolio Services) (2)
10.3		Amendment No. 1 to Receivables Loan and Security Agreement, dated as of April 13, 2010 among LEAF III C SPE, LEAF Funding, Inc., LEAF Financial Corporation, LEAF Equipment Leasing Income Fund III, L.P., Autobahn Funding Company LLC, DZ BANK AG Deutsche Zentral-Genossenschaftsbank, Frankfurt am Main (3)
10.4		Indenture between LEAF Receivables Funding 5, LLC and U.S. Bank National Association dated as of November 5, 2010 (5)
10.5		First Amendment dated as of September 28, 2012 to the Indenture between LEAF Receivables Funding 5, LLC and U.S. Bank National Association (6)
31.1		Certification of Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
31.2		Certification of Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
32.1		Certification of Chief Executive Officer pursuant to Section 1350 18 U.S.C., as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
32.2		Certification of Chief Financial Officer pursuant to Section 1350 18 U.S.C., as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
101		Interactive data file containing the following financial statements formatted in XBRL (Extensible Business Reporting Language): (i) the Consolidated Balance Sheets at March 31, 2013 and December 31, 2012; (ii) the Consolidated Statements of Operations for the three month periods ended March 31, 2013 and 2012; (iii) the Consolidated Statement of Changes in Partners’ Deficit for the three month period ended March 31, 2013; (iv) the Consolidated Statements of Cash Flows for the periods ended March 31, 2013 and 2012; and, (v) the Notes to Consolidated Financial Statements.

(1)

Filed previously as an exhibit to our Registration Statement on Form S-1 filed on October 2, 2006 and by this reference incorporated herein.

(2)

Filed previously as an exhibit to our Annual Report on Form 10-K for the year ended December 31, 2008 and by this reference incorporated herein.

(3)

Filed previously as an exhibit to our Quarterly Report on Form 10-Q for the quarter ended March 31, 2010 and by this reference incorporated herein.

(4)

Filed previously as an exhibit to our Current Report on Form 8-K Report dated October 17, 2011.

(5)

Filed previously as an exhibit to our Annual Report on Form 10-K for the year ended December 31, 2010 and by this reference incorporated herein.

(6)

Filed previously as an exhibit to our Annual Report on Form 10-K for the year ended December 31, 2012 and by this reference incorporated herein.

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

	LEAF EQUIPMENT LEASING INCOME FUND III, L.P.
	A Delaware Limited Partnership

	By:	LEAF Asset Management, LLC, its General Partner

May 13, 2013	By:	/s/ CRIT S. DEMENT
		Crit S. DeMent
		Chief Executive Officer

May 13, 2013	By:	/s/ ROBERT K. MOSKOVITZ
		Robert K. Moskovitz
		Chief Financial Officer

Attached files

LEAF Equipment Leasing Income Fund III, L.P. Reports

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